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WORLD BANK: US Nominates Ajay Banga For World Bank President

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WASHINGTON – U.S. President Joe Biden announced on Thursday that the United States had nominated former Mastercard CEO Ajay Banga to lead the World Bank, citing his critical experience with global challenges such as climate change.

The announcement comes just days after Trump appointee David Malpass announced his intention to leave the 189-nation poverty reduction organization in June. His five-year term would have ended in April 2024.

The United States prioritizes addressing the effects of climate change at the multilateral bank. Leading climate figures have urged the Biden administration to use Malpass’s early departure to overhaul the powerful financial institution, which has been increasingly criticized as hostile to less-affluent nations and climate change efforts.

Malpass came under fire last year for appearing to cast doubt on the science that says burning fossil fuels causes global warming in remarks at a conference. He later apologized and said he had misspoken, noting that the bank relies on climate science regularly.

Banga, vice chairman of private equity firm General Atlantic, has over 30 years of business experience, having held various positions at Mastercard and on the American Red Cross, Kraft Foods, and Dow Inc boards. He is the first Indian-born candidate for World Bank President.

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will help him achieve the World Bank’s objectives

“Ajay is uniquely qualified to lead the World Bank at this critical juncture in history,” Biden said, adding that Banga “has critical experience mobilizing public-private resources to address our time’s most pressing challenges, including climate change.”

In a statement, Treasury Secretary Janet Yellen said Banga’s experience “will help him achieve the World Bank’s objectives of eliminating extreme poverty and expanding shared prosperity while pursuing the changes required to effectively evolve the institution,” including meeting “ambitious goals for climate adaptation and emissions reduction.”

John Kerry, Biden’s climate envoy, said on Twitter that Banga was “the right choice.”

“He can assist in putting in place new policies that help deploy the large sums of money required to reduce global emissions and assist developing and vulnerable countries in adapting, building resilience, and mitigating the impact of greenhouse gases,” Kerry tweeted.

Traditionally, the United States has chosen the World Bank President. The International Monetary Fund’s chief executive officer has traditionally come from Europe. However, critics have called for the agreement to be scrapped and for developing countries to have a stronger voice in the two organizations.

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The World Bank has promised an “open, merit-based

The World Bank has promised an “open, merit-based, and transparent selection process” and has stated that nominations will be accepted until March 29.

Eric LeCompte, executive director of the anti-poverty coalition Jubilee USA Network, said the United States was “looking to nominate people that will be supported by the developing world” and was “incredibly relevant” that Banga was born in India. “They want to be able to appoint people with experience and ties to other economies,” said LeCompte.

“I can’t think of a more intense time for someone to start this job,” said Clemence Landers, a policy fellow at the Center for Global Development, a Washington think tank.

The bank is under pressure to broaden its mandate, which will almost certainly require the next president to persuade donor countries to provide more funds.

Critics argue that the bank should do more to assist poor countries in financing projects to combat and prepare for climate change without putting them in debt. Landers also stated that it needs to better address cross-border issues such as pandemic surveillance and broad vaccination programs.

SOURCE – (AP)

 

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

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NEW YORK — Tesla reduced the price of its “Full Self Driving” system — which cannot drive itself and requires drivers to remain attentive and ready to intervene — by nearly a third to $8,000 from $12,000, according to the company website.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

Tesla CEO and billionaire Elon Musk stated in 2019 that there would be a fleet of robotaxis on the road by 2020, but that promise has yet to be fulfilled, and the system must still be supervised by humans.

The cutbacks, which took effect on Saturday, follow Tesla’s decision to trim $2,000 off the pricing of three of its five models in the United States late Friday. That is the most recent example of the difficulties that the electric vehicle manufacturer is facing.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

Tesla dropped the costs of its most popular model, the Model Y, a small SUV that is the best-selling electric vehicle in the United States, as well as the Models X and S, which are older and more expensive. Prices for the Model 3 car and Cybertruck remained unchanged.

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Tesla Cuts The Price Of Its “Full Self Driving” System By A Third To $8,000

The price cut comes a day after Tesla’s stock fell below $150 a share, wiping out all gains recorded in the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.

SOURCE – (AP)

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

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TOKYO — Japan’s antitrust authority stated Monday that Google, the US search giant, must rectify its advertising search restrictions that impact Yahoo in Japan.

The Japan Fair Trade Commission said in a statement that a recent investigation into Google’s activities revealed that it was hurting fair competition in the advertising sector.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

Yahoo Japan Corp., which later merged with the Japanese social media platform Line, began offering keyword-targeted search advertising services utilizing Google’s technology after the two businesses forged a partnership in 2010.

The FTC claims that Google imposed limits in its search advertising deal with Yahoo Japan for more than seven years, limiting its ability to compete in focused search ads.

An FTC investigation into whether this violated the Anti-Monopoly Law prompted Google to lift the limitations.

Google said in an emailed statement that it has fully cooperated with the commission’s investigation and that the agency has not determined that it has breached antitrust laws. It committed to follow the commission’s orders and provide “valuable” search services to Japanese consumers and marketers.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

Line Yahoo declined to comment.

Google will be subject to a three-year review to ensure that necessary improvements are implemented, according to the commission. It did not impose any fines or other penalties on Google, which remains popular in Japan.

The commission’s decision comes after another setback for Google in Japan. Japanese doctors launched a civil case against the corporation last week, seeking damages for what they call baseless, insulting, and frequently inaccurate statements.

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Japan’s Anti-Monopoly Body Orders Google To Fix Ad Search Limits Affecting Yahoo

The Tokyo District Court lawsuit seeks 1.4 million yen ($9,400) in damages for 63 medical professionals who posted ratings on Google Maps.

Google responded by saying it is working “24 hours a day” to remove misleading or incorrect content on its platform, using human and technology resources “to delete fraudulent reviews.”

SOURCE – (AP)

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Tesla reduces US prices for 3 of its electric vehicle models following a rough week.

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Tesla reduced the pricing of three of its five models in the United States by $2,000 late Friday, highlighting the issues facing the electric vehicle firm run by billionaire Elon Musk.

The business reduced the costs of the Model Y, a small SUV that is Tesla’s most popular model and the best-selling electric vehicle in the United States, as well as the versions X and S, which are older and more expensive versions. Prices for the Model 3 car and Cybertruck remained unchanged.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The reductions dropped the starting price for a Model Y to $42,990, $72,990 for a Model S, and $77,990 for a Model X.

The decision comes a day after Tesla’s shares fell below $150 per share, wiping out all gains earned over the previous year. The Austin, Texas-based company’s stock price has fallen almost 40% this year due to declining sales and growing competition. Discounted sticker prices are intended to entice more car purchasers.

Musk announced early Saturday on X, the social media site that was previously known as Twitter, that the cost of an entry-level Tesla could be as low as $29,490 after accounting for a federal tax credit and gas savings.

Industry observers have been waiting for Tesla to unveil the Model 2, a tiny electric vehicle for approximately $25,000. This month’s media rumors that Musk intended to cancel the project added to uncertainty about the company’s direction, but Musk denied the reports.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The price drops marked the end of a long workweek for Tesla, which said on Monday that it would be laying off 10% of its global workforce, or approximately 14,000 employees. The company also announced the recall of roughly 4,000 of its 2024 Cybertrucks after discovering that the accelerator pedal could become stuck, enabling the vehicle to accelerate accidentally and increasing the danger of a crash.

Musk stated on Saturday that he has postponed a planned weekend travel to India to meet with Prime Minister Narendra Modi due to “very heavy Tesla obligations.” He expressed on X that he was looking forward to rescheduling the visit for later this year.

Tesla is slated to report first-quarter profits on Tuesday.

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Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

The business stated earlier this month that its global sales declined substantially from January to March as competition grew, electric car sales growth stagnated, and previous price cuts failed to attract additional buyers.

Tesla’s quarterly sales fell year on year for the first time in nearly four years.

SOURCE – (AP)

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